REPORT HIGHLIGHT
Generic Pharmaceuticals Market size was valued at USD 361,701.0 Million in 2022, expanding at a CAGR of 8.31% from 2023 to 2030.
Generic medicines are non-branded drugs with the same active components, dosage form, potency, and intended purpose as brand-name drugs. Following the termination of the patent protection for the original medicine, these products are created and marketed. To assure their safety, quality, and efficacy, generic medications must pass stringent regulatory clearance procedures. Generic medicines are often less expensive than name-brand medications since there are no expenditures associated with research and development. While preserving similar therapeutic efficacy to their branded versions, they help extend access to vital pharmaceuticals and are crucial in lowering healthcare costs.
Generic Pharmaceuticals Market- Market Dynamics:
- Increasing incidence of chronic diseases.
- The rising incidence of chronic diseases is one of the major drivers of the generic pharmaceuticals market. As more people are given a chronic disease diagnosis, they seek out additional medications to treat it. Branded medications cost more, whereas generic medications cost less and share the same chemical make-up as branded medications. Patients choose generic medications over branded medications due to the lower cost, consistency in chemical makeup, and potency of generic medications. As a result of the extended duration of therapy for chronic diseases, generic medicine sales also rise. For instance, the WHO (World Health Organization) predicts a 17% rise in the number of chronic disease-related fatalities during the next ten years.
Generic Pharmaceuticals Market- Key Insights:
- As per the analysis shared by our research analyst, the global generic pharmaceutical market is estimated to grow annually at a CAGR of around 8.31% over the forecast period (2023-2030)
- Based on type segmentation, simple generic products were predicted to show maximum market share in the year 2022
- Based on application, cardiovascular was the leading type in 2022
- Based on product segmentation, the small molecule was the leading type in 2022
- Based on route of administration segmentation, oral was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Generic Pharmaceuticals Market- Segmentation Analysis:
- The Global Generic Pharmaceuticals Market is segmented based on Type, Route of Administration, Product, Application, and Region.
- The market is divided into categories based on Type: Simple Generics, Specialty Generics, and Biosimilars. The Simple Generics sector dominates the market. The simple generic products need to conduct bioequivalence studies and have a defined development plan and regulatory approach. These items are chemically identical to their reference counterparts, and the market is already overflowing with straightforward generic products. Nevertheless, the market is anticipated to expand as a result of government attempts to cut healthcare spending on medicines and increase new approvals and launches.
- The market is divided into categories based on Route of Administration: Oral, Injectable, Inhalable, and Others. The oral segment dominates the market. The many benefits of oral dose, including its simplicity and lack of nursing needs, increase patient acceptance and compliance. For the treatment of COVID-19 patients, Zenera Pharma introduced a generic version of Paxlovid in September 2022. Each box of these oral medications, which contains 20 Nirmatrelvir pills, costs USD 63.74.
Generic Pharmaceuticals Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. An increasing number of favorable government initiatives coupled with the rising number of product launches and demand for generic drugs is a key revenue driver in North American region.
Generic Pharmaceuticals Market- Competitive Landscape:
- Due to the continued development in demand for air conditioning in the coming years, the worldwide market for air-to-air heat pumps is made of both international and local producers, making it one of the most competitive sectors in the world. Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. Products makers compete on a variety of aspects, including product costs, performance, product making, Distribution, reputation, and availability.
- Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, Product network development, R&D spending, and mergers and acquisitions. For instance, in November 2022, The US health authority gave Glenmark Pharmaceuticals permission to sell sodium phenylbutyrate tablets, a medication used to treat urea cycle disorders, in the US.
Recent Developments:
In October 2022, Generic Fingolimod capsules, utilized for the treatment of multiple sclerosis, were introduced to the American market by Glenmark's American-based division.
Key features of the study:
- This proposed research study on Generic Pharmaceuticals market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Generic Pharmaceuticals market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Generic Pharmaceuticals market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Generic Pharmaceuticals market
- Impact of COVID-19 on Generic Pharmaceuticals market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Generic Pharmaceuticals market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Generic Pharmaceuticals market, we have also included competitive landscape and key innovator analysis for the Generic Pharmaceuticals market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Generic Pharmaceuticals market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Generic Pharmaceuticals market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL GENERIC PHARMACEUTICALS MARKET KEY PLAYERS
- Zydus Cadila
- Torrent Pharmaceuticals
- Teva Pharmaceutical Industries
- Sun Pharmaceutical Industries
- Sandoz (a subsidiary of Novartis)
- Mylan (now part of Viatris)
- Lupin Pharmaceuticals
- Hikma Pharmaceuticals
- Glenmark Pharmaceuticals
- Fresenius Kabi
- Endo International (through its subsidiary Par Pharmaceutical)
- Dr. Reddy's Laboratories
- Cipla
- Aurobindo Pharma
- Apotex
GLOBAL GENERIC PHARMACEUTICALS MARKET, BY TYPE
- Simple Generics
- Specialty Generics
- Biosimilars
GLOBAL GENERIC PHARMACEUTICALS MARKET, BY ROUTE OF ADMINISTRATION
- Oral
- Injectable
- Inhalable
- Others
GLOBAL GENERIC PHARMACEUTICALS MARKET, BY PRODUCT
- Small Molecule
- Large Molecule
GLOBAL GENERIC PHARMACEUTICALS MARKET, BY APPLICATION
- Central Nervous System Disorders
- Respiratory Diseases
- Hormones & Related Diseases
- Gastrointestinal Diseases
- Cardiovascular Diseases
- Infectious Diseases
- Cancer
- Diabetes
- Others
GLOBAL GENERIC PHARMACEUTICALS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA